Anglo Tapes: Cowen Government ignored advice that bank was a 'basket case'
Fresh revelations in the Anglo-tapes scandal show that Brian Cowen's administration refused to shut down Anglo Irish Bank despite warnings from the Government's own external advisers, Merrill Lynch.
In the latest batch of tapes published by the Irish Independent today, former CEO David Drumm is heard telling colleague John Bowe in reference to the government and Merril Lynch - "They're knifing us", before telling him how he had prepared a plan to burn bondholders.
Drumm can be heard explaining how his plan could have saved the Irish taxpayer €9bn, but that the Government never implemented it.
He describes how the international bank had branded Anglo a "basket case" and that they told the Government to close the troubled financial institution just days before David Drumm lost his job and the bank was nationalised, at a cost of €30bn to the Irish taxpayer.
"They seem to be disproportionately angry at us," Drumm is heard to say.
"Everybody, everybody - and Merrills, and according to Alan Dukes today, the Government ignored Merrill's advice and didn't shut ... you know, they wanted us nationalised, just 'take them off the field, they're a basket case', and ignored the advice and said no, we want to see if we can get the banks through this."
German Chancellor Angela Merkel has made her thoughts on the controversy clear saying she regarded them with contempt, while the Taoiseach and a number of other Government Ministers have voiced similar sentiments.
